TEL-AVIV, ISRAEL, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), a global owner, developer, and operator of supermarket-anchored shopping centers and retail-based, mixed-use properties located in urban growth markets, announced today financial results for the three and nine months ended September 30, 2017.
Selected Financial Information:
(in NIS millions except per share data) (Unaudited) | 3 months ended September 30 | Change % | 9 months ended September 30 | Change % | ||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Property rental income | ? 718 | 699 | 2.7 | % | ?2,105 | 2,129 | (1.1 | %) | ||||
NOI | ? 516 | 490 | 5.3 | % | ?1,483 | 1,487 | (0.3 | %) | ||||
NOI adjusted for exchange rates | ? 516 | 483 | 6.8 | % | ?1,483 | 1,413 | 5.0 | % | ||||
Economic FFO | ?186 | 146 | 27 | % | ?535 | 426 | 26 | % | ||||
Economic FFO per share (NIS) | ?0.95 | 0.74 | 28 | % | ?2.74 | 2.18 | 26 | % | ||||
Economic FFO adjusted for exchange rate | ?186 | 140 | 33 | % | ?535 | 388 | 38 | % | ||||
Economic FFO per share adjusted for exchange rate (NIS) | ?0.95 | 0.71 | 34 | % | ?2.74 | 1.99 | 37 | % | ||||
Fair value gain (loss) from investment property and investment property under development, net | (101) | (22) | - | (57) | 109 | - | ||||||
Net income (loss) attributable to equity holders of the company | ?(185)? | 381 | - | ?(90)? | 200 | - | ||||||
Diluted net income (loss) per share attributable to equity holders of the Company (NIS) | (?(0.95 | 1.98 | - | (?(0.49 | 0.94 | - | ||||||
Increase (decrease) in Shareholder's Equity | 406 | (30) | - | 1,262 | 325 | - | ||||||
Increase (decrease) in Shareholder's Equity Per Share (NIS) | 2.3 | (0.1) | - | 6.7 | 1.7 | - |
(in NIS million except per share data) | 30/09/2017 (Unaudited) | 31/12/2016 | ||
Shareholder's Equity | 9,420 | 8,158 | ||
Shareholder's Equity Per Share (NIS) | 48.4 | 41.7 | ||
Net Debt to Total Assets (LTV) (Consolidated) | 53.6% | 50.1% | ||
Net Debt to Total Assets (LTV) (Expanded Solo) | 53.9% | 62.0% |
"We are extremely pleased with our quarterly and YTD results that came in better than expected with consistent growth across all our businesses, private and public," stated Dori J Segal, Vice Chairman, CEO of Gazit Globe. "We continue to work very hard in implementing our strategy that we announced in the beginning of 2016 and remain confident that we can make meaningful progress also in 2018."
Acquisition, Development, Redevelopment and Capital Recycling Activities:
Financing Activities in Q3 2017:
Economic FFO Guidance
Presented below is the 2017 guidance, based on publicly available information and Management's assessments, including the FFO guidance of public investees, where published, and also on assumptions:
1-9/17 Actual | 6-9/17 Actual | Full Year 2017 Previous Guidance | Full Year 2017 Updated Guidance | |
Economic FFO (NIS in million) | 535 | 186 | 635 ? 649 | 688 ? 700 |
Economic FFO per share (NIS) | 2.74 | 0.95 | 3.25 ? 3.32 | 3.53 ? 3.59 |
The Company's Economic FFO guidance for 2017 is forward-looking information, as defined in the Israeli Securities Law, 1968, which is based on the aforementioned assumptions, including assessments and estimates by Management of the Company and the Group companies pertaining to future events and matters whose materialization is not certain nor under the Group's control. There is no certainty that the guidance will be realized, wholly or partly, and actual results could be materially different from those set forth above due, inter alia, to their dependence on events that are not under the control of the Company and the Group.
ACCOUNTING AND OTHER DISCLOSURES
References to the ?Group? relate to Gazit-Globe's consolidated statements. References to the ?Company? relate to Gazit-Globe's stand-alone financial statements. Unless otherwise stated, financial information included in this press release relates to the ?Group?.
The Company believes that publication of FFO, which is computed according to EPRA guidance, more correctly reflects the operating results of the Company, since the Company's financial statements are prepared in line with IFRS. In addition, publication of FFO provides a better basis for the comparison of the Company's operating results in a particular period with those of previous periods and also provides a uniform financial measure for comparing the Company's operating results with those published by other European real estate companies.
In addition, pursuant to the investment property guideline issued by the Israel Securities Authority in January 2011, FFO is to be presented in the ?Description of the Company's Business? section of the annual report of investment property companies on the basis of the EPRA criteria. As clarified in the EPRA and NAREIT position papers, the EPRA Earnings and the FFO measures do not represent cash flows from operating activities according to generally accepted accounting principles, nor do they reflect the cash held by a company or its ability to distribute that cash, and they are not a substitute for the reported net income. Furthermore, it is clarified that these measures are not audited by the Company's independent auditors.
CONFERENCE CALL/WEB CAST INFORMATION
Gazit-Globe will host a conference call and webcast in English on Monday, November 20th, 2017 at 5:00 pm Israel Time / 10:00 am US Eastern Time, to review the third quarter ended September 30, 2017 financial results. Shareholders, analysts and other interested parties can access the conference call by dialing: United States 1888 668 9141, Canada 1866 485 2399, United Kingdom 0800 917 5108, International / Israel +972 3 9180685
A presentation and replay of the call will be available on the company's website under "Investor Relations" at: www.gazitglobe.com
Webcast link: http://veidan-stream.com/gazitglobeq3-2017.html
About Gazit-Globe
Gazit-Globe is a global owner developer and operator of supermarket-anchored shopping centers and retail-based, mixed-use properties in North America, Brazil, Israel, northern, central and Eastern Europe, located in urban growth markets. Gazit-Globe is listed on the New York Stock Exchange (NYSE:GZT), the Toronto Stock Exchange (TSX:GZT) and the Tel Aviv Stock Exchange (TASE:GZT) and is included in the TA-35 index in Israel. As of September 30, 2017 Gazit-Globe owns and operates 130 properties, with a gross leasable area of approximately 2.7 million square meters and a total value of approximately NIS 35.8 billion. In addition, the Company owns 32.6% of First Capital Realty Inc and 10.9% of Regency Centers Corporation.
FOR ADDITIONAL INFORMATION
A comprehensive copy of the Company's financial report is available on Gazit-Globe website at www.gazitglobe.com
Investors Contact: [email protected], Media Contact: [email protected]
Gazit-Globe Headquarters, Tel-Aviv, Israel, Tel: +972 3 6948000
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements within the meaning of applicable securities laws. In the United States, these statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside our control that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks detailed in our public filings with the SEC and the Canadian Securities Administrators. Except as required by applicable law, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise.
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